Capital Introduction Strategy and Capacity Utilization: An Analysis Based on the New Development Pattern of “Dual Cycle”
FU Dong1, QIAN Aimin2
1. School of Accounting, Henan Institute of Finance , Zhengzhou 450046, China; 2. Business School, University of International Business and Economics, Beijing 100029, China
Abstract Under the new development pattern of “Dual cycle”, the key to dredging the blocking point of economic cycle is to improve the market-oriented allocation mechanism of production factors in order to improve the quality of supply. Based on the agency theory, this paper studies the influence and mechanism of all kinds of capital introduction on the capacity utilization of manufacturing enterprises from the perspective of enterprise capital introduction strategy. The results are listed as follows. (1) The introduction of endogenous capital can improve capacity utilization, but the introduction of exogenous capital can reduce capacity utilization. (2)Among the three kinds of exogenous capital, the inhibitory effect of debt capital on capacity utilization is significant, the level of government subsidy decreases significantly, and the equity capital is not obvious. (3) Mechanism test finds that endogenous capital reduces agency costs, and then increases capacity utilization, while exogenous capital increases agency costs, which in turn reduces capacity utilization. (4) Further research finds that the role of endogenous capital in improving capacity utilization is more significant in a good business environment, so optimizing the business environment is an important measure to improve the quality of supply. The conclusion of the study reveals the mechanism by which the allocation of capital factors affects the capacity utilization of enterprises, which helps to smooth the circulation of the national economy and supports the ongoing reform of the business environment.
FU Dong,QIAN Aimin. Capital Introduction Strategy and Capacity Utilization: An Analysis Based on the New Development Pattern of “Dual Cycle”. Economic Survey, 2022, 39(3): 097.
2022, Vol. 39 
